Florida Low Cost Life Insurance

Written by Amy Hall

Every year, thousands of people flock to Florida to set up residency. Good portions of these people are senior citizens, but there are also fair amounts of young people heading to Florida to begin a new life. If you are among the residents of Florida, and you have decided that it is time to shop around for some life insurance, you are making a smart move. Your family deserves the financial security that comes from having adequate life insurance.

Perhaps you have never really thought much about life insurance, and therefore you are not familiar with the various policies. Essentially, life insurance policies are grouped into term, ROP, whole, or universal plans. Some plans are more expensive than others, however those plans may not be best suited to your needs. With life insurance, you do not necessarily have to spend more to get more.

Understanding Florida Low Cost Life Insurance

Since whole and universal life insurance plans are considered permanent plans, they have higher premiums. In addition, whole and universal life insurance plans build cash value, which the policyholder can get through surrender or policy loans. Though whole and universal life insurance may be great for some people, they tend not to be the lowest options for residents.

If you really want Florida low cost life insurance, you will probably be advised by a broker to go for term or ROP insurance. Term insurance is offered for a specified amount of time, from five years up to 30 years. ROP, which stands for Return of Premium, is a type of term plan that guarantees the policyholder a refund of premiums paid if he or she is alive when the term ends. Both of these plans are quite affordable with lower rates, yet the coverage on such plans is more than adequate.